Tokyo Electric Power said it would generate more than half its power from non-fossil sources in 10 years and invest $30 billion in low-carbon projects, Reuters reported. TEPCO's business plan indicated Asia's biggest utility would also invest up to $12 billion in growth areas such as operations in China and India. TEPCO said it would open an office in Beijing by the end of the first quarter of 2011.
Japan's power sector is one of the world's biggest buyers of carbon credits, with that trend expected to grow as it works to meet the new goal, said Reuters. Japanese firms have said they intend to look for opportunities to develop nuclear power plants overseas, including Vietnam. Other plans announced by TEPCO include increasing equity share in LNG and uranium projects, restarting operations at a nuclear power plant shut down after an earthquake in northern Japan, and increasing investment in Japan Nuclear Fuel.
Reuters, Sept. 13.